Capital Requirements Directive:
- extract from the joint debate
EPRef93329 // European Parliament , Strasbourg, EP Plenary session,
Lieu: European Parliament , Strasbourg
End production: 16/04/2013 First transmission: 16/04/2013
Capital Requirements Directive:
The EU Capital Requirements Regulation (CRR) and Directive (CRD) aim to stabilise and strengthen the banking system by making banks set aside more and higher quality capital as a cushion against crises.
The new legislation consists of two instruments governing capital requirements for investment firms and credit institutions, including banks.
The Capital Requirements Regulation (CRR), a new instrument added during the current revision of the existing Capital Requirements Directive, lays down prudential requirements for capital, liquidity and the credit risk for investment firms and credit institutions in EU member states.
As a regulation, the CRR applies directly in every member state. It can therefore impose a single set of rules across the EU, thus leaving no scope for arbitrary interpretation and ensuring certainty as to the law for all EU single market players
Only the original language version is authentic and it prevails in the event of its differing from the translated versions.
||Exterior view of the European Parliament, Strasbroug
||SOUNDBITE (Dutch), Corien WORTMANN-KOOL, (EPP, NL), "This agreement covers important priorities for our EPP group , higher capital buffers for banks so that banks can cope with crisis in a better fashion. Higher buffers for systemically important banks because we want to prevent the situation where we have to ail out banks with public money."
||SOUNDBITE (Dutch), Corien WORTMANN-KOOL, (EPP, NL), "To Commissioner Barnier I'd say , you have to get moving on that, this agreement between the Parliament and the Commission on having banking supervision covered by the ECB, the discussions between the finance ministers in Ireland , how we to interpret that? does that mean that thing have been slowed down or are we going to maintain our level of ambition. We want to have a quick vote on that and move on to an agreement"
||SOUNDBITE (German), Udo BULLMANN, ( S&D, DE), "This European Parliament will not be forced into a corner , this European Parliament will give the right response , not only to CRD as we have done now but also to shadow banking and also how we deal with hedge funds and we will do it when we deal with rating agencies again ? The citizens of Europe can rely on the fact this EP will defend their interests seriously and convert them to sound legislation."
||SOUNDBITE (English) Sharon BOWLES, (ALDE, UK), "Who has misbehaved will be checked on EU wide bankers' black list with authorities required to check a banker's past. Who has paid tax and where will be revealed by country by country reporting for banks and take note this is the forward march into all sectors, it has begun here."
||SOUNDBITE (French) Philippe LAMBERTS (Green/EFA, BE), "I can say a few words about those finance ministers who have been among the most reactionary. I would say to Pierre Moscovici that BNP, Société Générale and Crédit Agricole are not France and to Wolfgang Schäuble
I would say that Deutsche bank and Commerzbank are not Germany. It is the public interest that must prevail, it is the public interest that is the country's interest, not the private interest of one or other bank and this is what our text is about."
||SOUNDBITE (English) Vicky FORD (ECR, UK), "the key amendment to us was the ability for regulators to write down or convert capital or subordinate debt prior to any tax payer bail out. This amendment was dropped from the text since the Committee voted in May last year".
||SOUDNBITE (English) Godfrey BLOOM, (EFD, UK)," None of this is actually going to save us from another disaster down the line. Its bound to happen because we haven't address the real problems and that is your fractional reserve banking system. We must have a commodity bank on the one hand an investment bank on the other hand."
||Cutaways (2 shots)